Mumbai-based e-pharmacy and telehealth platform Truemeds has secured $85 million in its Series C funding round, led by Accel and Peak XV Partners, with participation from WestBridge Capital and Info Edge Ventures. The round was completed in two tranches.
The company plans to use the funds to expand fulfillment centers in non-metro areas, grow its engineering and product teams, and open a new Bengaluru office. It aims to triple its national reach and has also introduced an ESOP buyback policy to reward employees.
Truemeds recently launched its iOS app and will roll out diagnostic services within two to four months, starting with pilot operations in four cities. The firm is investing in AI- and ML-driven tools for product curation, patient journeys, and demand forecasting.
Founded in 2019 by Akshat Nayyar and Dr. Kunal Wani, Truemeds offers cost-effective, clinically equivalent alternatives to branded medicines, helping chronic care patients save 50–70% on monthly costs. It serves major locations across India, operates a nationwide logistics network, works with around 600 doctors daily, and employs about 3,000 people, including a 250-member head office team.
The company has raised over $110 million to date. In FY24, it doubled its revenue to ₹315 crore while reducing losses by 9% to ₹61 crore. Competitors include PharmEasy, which posted ₹5,664 crore in revenue, and Tata 1mg, with ₹1,964 crore in FY24 revenue.